June 25, 2020 at 3:57 p.m.
City Council agrees to apply for loan to assist developer of 123 Rives Street
City Council agrees to apply for loan to assist developer of 123 Rives Street
After hearing from Wisconsin Economic Development Corporation regional representative Jim Rosenberg, and following a closed session discussion, the alderpersons voted unanimously June 8 to authorize city officials to apply for a $75,000 Community Development Investment Grant, and make a separate $25,000 contribution via tax incremental financing, in support of a renovation project at 123 Rives, adjacent to Tilly's coffee shop.
According to Rosenberg, the person who redeveloped the former House of Spirits building, which now houses the coffee shop, is seeking to renovate the adjacent building. He referred to the developer as an individual who has a "track record" for first-class work.
The project involves the development of upstairs apartments as well as ground level commercial space, Rosenberg said, with the cost of the project estimated at $358,000.
Rosenberg noted that redevelopment would increase the value of the property which in term would lead to a higher tax base for the city.
"These projects tend to be catalytic," he said, noting other projects in the same area including the redevelopment of the former Hardware Hank building on Brown Street. "A lot of good work is happening in that area," he noted.
When asked about the prospects for the developer to secure a tenant for the retail space, Rosenberg noted the fine points could be worked out via a developer's agreement.
In late 2019, the council agreed to apply for a grant in support of a redevelopment project at 25 S. Brown Street.
During his presentation on the Rives Street project, Rosenberg noted WEDC is "still hoping for other project to come through" and cited "various complications" as hindering its progress.
Heather Schaefer may be reached at [email protected].
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